Payment Receivable definition
Examples of Payment Receivable in a sentence
The APR of any Modified Receivable is equal to the APR of the related Deferred Payment Receivable.
No Deferred Payment Receivable became a Modified Receivable after 90 days following the date the first Scheduled Payment on the Receivable was due.
If, at such time, the Obligor under the Final Payment Receivable has notified MMCA on behalf of the Trust that it elects to sell the Financed Vehicle to MMCA on behalf of the Trust in accordance with the terms of the Receivable, the Servicer shall, upon delivery of the Financed Vehicle by the Obligor to MMCA on behalf of the Trust, inspect the Financed Vehicle for Excess Wear and Tear and Excess Mileage, and determine the necessity of any repairs.
Following the Servicer's receipt of proceeds from the sale of such Financed Vehicle and amounts to be paid by the Obligor pursuant to subparagraph (b) above, the Servicer shall record on its books and records the termination of the Trust's ownership and security interest in the related Final Payment Receivable (and shall deliver copies thereof to the Indenture Trustee and the Owner Trustee upon written request within ten days of receipt of such request).
If credit is denied, the Servicer shall require the Obligor to satisfy its obligation to pay the remaining amounts owed in accordance with the terms of the Final Payment Receivable.
In no case will the first payment on a Deferred Payment Receivable be due later than 480 days after the date of inception of that Receivable.
An amount equal to the sum of all projected Yield Supplement Amounts for all future Payment Dates with respect to each Deferred Payment Receivable and each Deferred Balloon Payment Receivable, assuming that no prepayments are made on the Deferred Payment Receivable or the Deferred Balloon Payment Receivable, as the case may be, has been deposited to the Yield Supplement Account on or prior to the Closing Date or the related Subsequent Transfer Date, as applicable.
If credit is denied, the Servicer shall require the Obligor to satisfy its obligation to pay the remaining amounts owed in accordance with the terms of the Balloon Payment Receivable or Final Payment Receivable.
An amount equal to the sum of all projected Yield Supplement Amounts for all future Payment Dates with respect to each Deferred Payment Receivable, assuming that no prepayments are made on the Deferred Payment Receivable, has been deposited to the Yield Supplement Account on or prior to the Closing Date.
An amount equal to the sum of all projected Yield Supplement Amounts for all future Payment Dates with respect to each Deferred Payment Receivable and each Deferred Balloon Payment Receivable, assuming that no prepayments are made on the Deferred Payment Receivable or the Deferred Balloon Payment Receivable, as the case may be, has been deposited to the Yield Supplement Account on or prior to the Closing Date.